• Recurring revenue mix expands to 66% as diversified model delivers resilience
• Three enterprise wins during the quarter, including strategic partnerships with major companies
• Third consecutive cash-flow-positive quarter with $3.5 million cash balance at multi-year high

FlexiRoam Limited (ASX:FRX) has delivered a third consecutive quarter of positive operating cash flow and a fifth consecutive quarter of positive Underlying EBITDA, while growing its cash balance to $3.5 million -- its strongest quarter-end position in several years. These outcomes were achieved despite softer consumer travel trading during the quarter, which management attributes to the Middle East conflict and its impact on global oil prices, airfares, consumer confidence and discretionary international travel. Importantly, the Company's recurring revenue base held broadly stable through the quarter, lifting the recurring revenue mix to 66% of total revenue (vs 50% in Q2 FY26) and validating the strategic pivot toward recurring and enterprise revenue. During the quarter, FlexiRoam executed three new enterprise wins that further diversify and strengthen the recurring revenue base, including a strategic agreement with DIV Services Sdn Bhd (a subsidiary of DIALOG Group Berhad) supporting Malaysia's MyKasih cashless welfare distribution platform, an expansion of an existing relationship with a top-10 global full-service airline into mission-critical aircraft operational connectivity, and a two-year embedded-connectivity agreement with Malaysian payment technology company Paydibs Sdn Bhd.

The Company currently expects the softness in consumer travel demand to persist in the near term. However, the Company's revenue model -- combining contracted brand-funded recurring revenue and enterprise revenue (both of which operate independently of consumer travel demand) with direct-to-consumer travel revenue -- is structurally more resilient through periods of consumer travel volatility than business models reliant on direct-to-consumer travel revenue alone.

The Company continues to progress an active pipeline of additional enterprise opportunities across financial services, airlines, insurance and IoT, building on the three enterprise wins announced during Q3 FY26. The Company's focus for the remainder of FY26 includes scaling recurring and enterprise revenue, preserving market position in the Consumer Travel segment, continued investment in the AI connectivity platform, and maintaining financial discipline through disciplined operating cost management.